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Wheat closes higher, soy falls

Updated: 01/03/2011 @ 3:55pm

CHICAGO, Illinois (Agriculture.com)--A sell-off by the funds pushed down corn, rain in Argentina hurt the soybean market, and wheat prices kept their support from the flooding in Australia Monday.

The March corn futures settled 8 1/2 cents lower at $6.20 1/2. The March soybean contract closed 24 cents lower at $13.79. The March wheat futures settled 11 1/4 cents higher at $8.05 1/2. The March soybean meal futures closed $4.90 lower per short ton at $369.00. The March soyoil futures settled $0.67 lower at $57.70.

In the outside markets, the NYMEX crude oil is $0.14 per barrel higher, the dollar is higher, and the Dow Jones Industrials closed up 93 points.

The funds investors sold roughly 8,000 corn contracts today, lowering prices.

Tim Hannagan, PFGBest.com senior grain analyst, says, rain reports for Argentina crops are keeping pressure on corn and soybeans, but wheat remains well supported Monday.

"Argentina is the world's second largest corn producer exporter and has been in the grips of a La-Nina inspired drought. It's not a lock. The GFS weather model brings rain into the driest areas of Argentina and most of Brazil. But, the European weather model suggests a drier period. It may take until Wednesday before we know the true extent and coverage of the rain." 

Hannagan adds, "Wheat is up over 20 cents on its own news, with key world producer Australia saying recent rains not only will leave up to 50% of their crop suitable only for feed, but large acreage may go unharvested, due to record flooding."

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